BREAKING: GE to cut 12,000 jobs in power unit

Embattled industrial giant General Electric announced Thursday it would cut approximately 12,000 blue collar and white collar jobs in its GE Power unit in a bid to cut costs.

“The headcount reductions, combined with actions taken previously in 2017, will position GE Power to reach its announced target of $1 billion in structural cost reductions in 2018,” the company said in a statement.